Monday, May 5, 2008

Ugly trading

This is why I try only to scalp. Because if I lose i try to gain it back, size is big decisions are questionable. London was closed, spread was wider it was bad decision to trade at all. On my first trade I had 5 unrealised pips and than I was shaken out at b/e. Than I opened another trade at same level ans averaged down later. It was going back to me steadily and than it just broke down in a second.
I reversed with double size to gain lost but closed that trade making loss bigger. Than market went in direction of that trade and I would get my b/e if I stayed.
I had another long in eur/usd and also I opened 2X position short in usd/jpy. Eur first went in my direction and I had about 10 unrealized pips and than back down.
Now I was in swing trade mentality with getting back to b/e on my mind. It's not my game, I don't do that very well.
I was watching usd/jpy closely because it was near support and in very tight range. Usd didn't show much strength but it didn't fall either. Around morning support I added another eur/usd trade. So now I was 4X size against usd. If usd gained real strength across the board I would have heavy loss. I was -26 pips on a day and -44 unrealized.
It was slow fight back and I got out at b/e +3 pips. Usd/jpy just didn't want to brake down with speed. So I got out when I erased my loss for a day.
Later it continued slowly in my direction but it's too slow for what I was looking for.

So very bad trading today. First of all losing discipline. Trading without strong reason and than I didn't want to acknowledge losing day. To big size on slow range day. In the end I never use that size after b/e level, so bad r:r. It's so easy to slip in this kind of trading I only need full size trade and a loss.


orion machine said...

Today was shitty trading for me too. Only made +6 pips in EUR/USD... It was very stagnant this morning and the spread was ridiculous. There was no news releases either. Oh well, tomorrow is another day.

FX said...

I really got angry today, I was trading bad and market was moving all over..